Cattle Current Podcast—05-09-23

Cattle futures rebounded some Monday, especially Feeder Cattle, supported by lower new-crop Corn futures and overall positive fundamentals.

Feeder Cattle futures closed an average of $1.55 higher (90¢ higher in spot May to $2.02 higher at the back).

Live Cattle futures closed an average of 67¢ higher.

There was no Monday negotiated cash fed trade summary from USDA available at press time.

The weighted average five-area direct fed steer price last week was $3.22 lower on a live basis at $173.93/cwt. The average steer price in the beef was $3.11 lower at $280.94.

Choice boxed beef cutout value was 63¢ lower Monday afternoon at $308.56/cwt. Select was $3.04 lower at $285.12/cwt.

Corn futures closed 4¢ to 6¢ lower after old-crop contracts, perhaps pressured in part by rapid planting progress.

KC HRW Wheat closed 9¢ to 11¢ higher through Dec ‘23 and then 2¢ to 6¢ higher.

Soybean futures closed mostly 4¢ to 8¢ lower through Mar ‘25.